Industry News

Singapore Technologies Engineering Ltd (ST Engineering) has announced securing $4.9b in new contracts during the third quarter of 2025. The contracts span across its Commercial Aerospace, Defence & Public Security, and Urban Solutions & Satcom sectors, bringing the total for the first nine months of the year to $14b.

Commercial Aerospace clinched $1.4b in contracts, highlighting strong demand in Maintenance, Repair & Overhaul (MRO) and Aerostructures & Systems (A&S). Notable deals include a multi-year agreement for Airbus A380 maintenance with a European airline and an A330 passenger-to-freighter conversion order.

Defence & Public Security secured $2.4b in contracts, reflecting high demand for its digital and defence capabilities. Key contracts include the design of earth observation satellites, AI-powered 5G solutions, and cybersecurity systems. The Land Systems business achieved its first 155mm ammunition orders from South America and sold hybrid electric vehicles in Asia. The Marine business, in partnership with Siemens Energy, will deliver a barge-mounted power plant to the Dominican Republic.

Urban Solutions & Satcom won $1.1b in contracts, reinforcing its smart mobility and infrastructure offerings. Projects include rail electronics for Singapore’s Thomson-East Coast Line Extension and intelligent transport systems. The Satcom division secured contracts for ground segment infrastructure across multiple regions.

These contracts are not expected to materially impact ST Engineering’s financial metrics for the current year. The company continues to leverage technology and innovation to address global challenges, maintaining its position as a leading player in the aerospace, defence, and smart city sectors.

Banyan Group is set to celebrate the grand opening of its 100th resort, Mandai Rainforest Resort in Singapore, with the inaugural Rainforest Festival from 27 November to 3 December 2025. The event marks Banyan Group’s debut in Singapore and will feature a variety of activities, with all ticket proceeds donated to the President’s Challenge and matched by the Group.

The festival is the culmination of 100 Journeys, a series of global events celebrating Banyan Group’s milestone. CEO Eddy See expressed that the festival is a symbolic homecoming to Singapore and a testament to the Group’s partnership with Mandai Wildlife Group. “The festival embodies our belief that travel can be a force for good – connecting people with nature, culture, and community,” he said.

Visitors can explore the Discovery Trail, which showcases the resort’s sustainable design and biodiversity. The trail includes interactive installations and the Banyan Gallery Showcase, featuring crafts from around the world. The festival will also host an experiential weekend market and live performances by local artists.

Festival-goers can participate in exclusive wellbeing, nature, and family activities, including yoga sessions and guided nature walks. The Mandai Wildlife Reserve will offer additional paid experiences, with 20% of proceeds also supporting the President’s Challenge.

General admission tickets are priced at $7.30 (S$10) on weekdays and $11 (S$15) on weekends, with free entry for children under four. The festival promises a unique blend of sustainability, culture, and community engagement.

Singapore’s property market experienced a significant boost in the third quarter of 2025, driven by a combination of interest rate cuts, new government cooling measures, and a surge in project launches. The US Federal Reserve’s decision to cut rates in September 2025 led to local borrowing rates dropping below 2%, reducing borrowing costs for buyers. Despite the government’s introduction of stricter cooling measures on 4 July 2025, which included increasing the Seller’s Stamp Duty holding period and rates, the market remained buoyant.

Developers launched nine private residential projects in Q3 2025, releasing over 4,100 units—the highest quarterly figure since Q2 2013. This surge in launches resulted in a 171.3% quarter-on-quarter increase in new sales, with 3,288 units sold, marking the strongest third quarter since 2021. The Core Central Region (CCR) led price gains with a 1.7% increase, outpacing the Rest of Central Region (RCR) and Outside Central Region (OCR).

Among the top-selling projects were Springleaf Residence, River Green, and Promenade Peak. Springleaf Residence, the first high-rise in its estate, sold 881 units, attracting a mix of private property owners and HDB upgraders. River Green’s compact units appealed to buyers seeking affordability in the CCR, whilst Promenade Peak’s larger units indicated a preference for spacious, centrally located homes.

The resale market also saw a 6.4% increase in transactions compared to the previous quarter, with prices rising by 1.4%. The rental market was active, with a 23.8% increase in rental volume quarter-on-quarter, driven by seasonal factors.

Looking ahead, five more launches are expected in Q4 2025, including Faber Residence and Penrith, which have already sold 1,449 units collectively. Huttons Data Analytics forecasts that developers’ sales for 2025 could reach 11,000 units, with prices expected to grow between 3% and 4% for the year.

Singapore’s job market is showing signs of recovery, with hospitality and tourism sectors spearheading the resurgence. According to Indeed’s latest data, job postings in these sectors have surged by 64.3% over the past three months. This rebound comes after a period of decline, with overall job postings in Singapore rising by 1.0% in September, ending two consecutive months of downturn.

The data highlights a notable trend towards job stability in certain professions. Nursing, food and beverage, and accounting roles are seeing longer career pathways, with workers in these fields showing a strong preference for staying within their industries. Indeed’s report reveals that only 11.9% of registered nurses and 12.7% of line cooks have switched professions between 2022 and 2024.

Conversely, sectors such as dental, childcare, and insurance have experienced significant declines in job postings, with reductions of 27.1%, 23.1%, and 17.6% respectively. Callam Pickering, Indeed’s APAC Senior Economist, noted, “Singapore job postings rebounded slightly in September, but we expect job postings to continue to moderate going forward.”

Despite the recent uptick, Singapore’s job figures remain 14.5% lower than a year ago, indicating a longer-term downward trend. The labour market remains tight, with a low unemployment rate of 2.0% and ongoing skill shortages. As the market adjusts, job seekers are motivated by various factors, including higher pay, career advancement, and improved work-life balance.

The Urban Redevelopment Authority (URA) has announced the results of the government land sales tender for the Upper Thomson Road (Parcel A) site, which closed today. The site, capable of accommodating 595 residential units and 2,000 square metres of commercial space, attracted five bids. Wee Hur Holdings, along with its largest shareholder GSC Holdings, submitted the highest bid at approximately $614m, translating to a land rate of $1,062 per square foot per plot ratio (psf ppr).

The tender’s outcome was influenced by the successful launch of the adjacent Springleaf Residence in August 2025. The absence of a mandatory requirement for long-stay serviced flats on the site also increased its appeal to developers. Wong Siew Ying, Head of Research and Content at PropNex, noted, “The flexibility provided by the URA, coupled with strong sales at Springleaf Residence, has boosted developers’ confidence.”

The top bid exceeded the second-highest offer from Frasers Property and Soilbuild Group by 2.1%, and was 13.7% higher than the lowest bid from Sim Lian Group. This marks a significant increase compared to the land price of the nearby Parcel B site, awarded to GuocoLand and Hong Leong Holdings in April 2024 for $905 psf ppr.

The Upper Thomson Road (Parcel A) site, previously launched in June 2024, initially failed to attract bids due to the requirement for serviced flats. However, the URA’s revised conditions have made the site more attractive. With the potential for connection to Springleaf MRT station and commercial space on the first storey, the site is poised to be a desirable development. The estimated average selling price for the new development is expected to be above $2,250 psf.

Royal Caribbean has marked the return of Ovation of the Seas to Singapore by collaborating with local singer-songwriter Nathan Hartono on an original track, “Come On Board With Me”. This partnership highlights Royal Caribbean’s dedication to celebrating Singapore as a key travel hub and creating culturally resonant experiences. The track, inspired by exploration and unforgettable memories, will be played onboard, enhancing the travel experience for guests.

Chad Grospe, vice president and managing director, APAC, Royal Caribbean, expressed that the return of Ovation of the Seas invites guests to embark on new adventures across Asia Pacific. He noted, “Music has the power to capture emotions in a way words alone cannot, and Nathan’s artistry makes him the perfect partner to tell this story of adventure, wonder, and connection.”

Nathan Hartono, who experienced his first Royal Caribbean holiday earlier this year, shared that the journey transformed his view on vacations. “Taking a holiday on Ovation of the Seas from Los Angeles opened my eyes to the adventure of life with Royal Caribbean and an entirely new way to holiday,” he said.

From October 2025 to March 2026, Ovation of the Seas will offer 3- to 8-night getaways from Singapore to destinations in Malaysia, Indonesia, and Thailand. Guests can enjoy a range of activities, including the North Star observation capsule and RipCord by iFly skydiving simulator, alongside over 20 dining options and spectacular shows.

Twothree Design Pte. Ltd., a renowned interior design studio in Singapore, has unveiled a new initiative aimed at promoting sustainable living through eco-friendly renovations. The programme, announced on 24 October, seeks to minimise the environmental impact of home renovations by incorporating recycled materials and eco-conscious principles throughout the design and build process.

The initiative is part of Twothree Design’s commitment to addressing the growing concern of renovation waste in Singapore. As a CaseTrust and bizSAFE-accredited firm, the company plans to prioritise sustainable materials, such as recycled composite surfaces, low-VOC paints, and low-formaldehyde plywood. Additionally, advanced waste-minimisation protocols will be implemented on-site to significantly reduce the carbon footprint.

Director of Twothree Design, Dickson Phoon, emphasised the importance of responsibility in design, stating, “Good design is not just about aesthetics; it’s about responsibility—to our clients, our community, and our planet.” He highlighted the increasing awareness among clients regarding their environmental impact and their desire for homes that are both beautiful and sustainable.

A crucial aspect of the initiative is educating homeowners about the benefits of sustainable choices, including improved indoor air quality and the long-term cost-effectiveness of green materials. This aligns with the firm’s mission to empower homeowners to make informed decisions for their renovation projects.

Twothree Design’s initiative demonstrates a significant step towards integrating luxury with sustainability, setting a precedent for the industry. The firm aims to lead the change, proving that eco-friendly practices can coexist with high-end design.

Bikram Sen has rejoined the Bank of Singapore as the Market Head for Global South Asia and International, effective 21 October 2025. Sen, who previously worked at the bank from 2013 to 2021, returns from UBS, where he successfully led the migration of the Credit Suisse NRI business. Based in Singapore, he will report to Zubin Dabu, Market Group Head for Global South Asia and International.

Sen brings over 20 years of experience in private banking and asset management, having held senior roles at Credit Suisse, Coutts, Standard Chartered, and UBS. His expertise is expected to enhance the bank’s strategy and growth in the Global South Asia and International markets, which are key client segments served from offices in Dubai, Singapore, and London.

Ranjit Khanna, Head of Private Banking Europe & Middle East and Chief Executive of the DIFC Branch at Bank of Singapore, expressed enthusiasm about Sen’s return. “We are delighted to welcome Bikram back to the Bank of Singapore family. His return speaks to the strength of our platform and the exciting growth journey that we are on,” Khanna stated.

Sen’s appointment is anticipated to sharpen the bank’s focus on its Global South Asia and International strategy, accelerating growth in these regions. His leadership and broadened perspective are seen as pivotal in driving the bank’s ambitions forward.

Ecube Car Rental, a prominent car leasing provider in Singapore, has expanded its fleet with a variety of new models to cater to the increasing demand for rental vehicles. This strategic move aims to provide customers with more options and flexibility, particularly as car ownership becomes more expensive in the city-state.

Unlike traditional rental companies, Ecube employs a customer-first procurement model, focusing on long-term leases of at least one year. This approach targets a diverse clientele, including private-hire drivers, families, and corporate clients, who seek reliable mobility without the financial burden of owning a vehicle. Notably, Ecube offers a no restrictions policy, sourcing specific makes or models upon customer request.

The newly acquired fleet includes family-friendly multipurpose vehicles like the Toyota Noah and Voxy, premium models such as the Toyota Alphard and Vellfire, and practical choices like the Kia Niro and Honda Freed. Luxury options, including the Mercedes-Benz GLB 200 and CLA series, as well as the BMW X2 and 4 Series Gran Coupé, are also available. Most vehicles are hybrids, with petrol and electric alternatives, featuring modern amenities like solar window films, recording cameras, and Android-based infotainment systems.

Allen Lim, Director of Ecube Car Rental, highlighted the impact of soaring car prices in Singapore, which has led many to reconsider car ownership. “With our services, customers will no longer have to deal with the hassles of ownership such as yearly inspections, insurance, road tax, or unexpected breakdowns,” Lim stated. Ecube provides 24-hour assistance and replacement cars in case of accidents or breakdowns, ensuring a hassle-free experience.

Ecube Car Rental continues to offer competitive leasing rates and tailored rental options, reinforcing its commitment to customer satisfaction. For more details on their latest fleet additions, visit their website.

DBS Bank has partnered with Mastercard to introduce Singapore’s first rewards redemption programme tailored for gamers. This initiative allows DBS/POSB cardholders to convert their DBS Points into gaming credits for popular titles such as EA Sports FC, Call of Duty, and platforms like Steam and Xbox, using the DBS PayLah! app or DBS Rewards online.

The collaboration leverages Mastercard’s Gamer Exchange, a digital solution designed to integrate seamlessly into loyalty programmes. Ananya Sen, Head of Regional Consumer Products at DBS Bank, stated, “The integration of Mastercard Gamer Exchange into our DBS Rewards ecosystem reflects our commitment to helping customers maximise the value of their spend in ways that are connected to their passions.”

With Asia home to 1.48 billion gamers, the initiative highlights the growing importance of gaming in mainstream lifestyles. Mastercard’s Kaveri Khullar noted, “Mastercard Gamer Exchange was conceived to deliver tangible value for gamers whilst addressing the disconnect between legacy loyalty programmes and modern consumer behaviour.”

The programme supports micro-redemptions, enabling cardholders to access gaming perks even with low point balances. This move aligns with the increasing gaming spend among DBS cardholders and the projected growth of the global gaming industry, expected to reach $363b by 2027.

As gaming becomes a significant cultural and economic force, DBS and Mastercard’s collaboration aims to meet evolving consumer preferences by transforming loyalty points into passion-driven experiences. The bank plans to expand this programme to other key markets, further integrating gaming into everyday financial interactions.